By OGJ editors
HOUSTON, Mar. 29 -- Linn Energy LLC agreed to acquire natural gas properties in the Antrim shale of northern Michigan from HighMount Exploration & Production LLC for $330 million. Both companies are based in Houston.
Closing, subject to customary conditions, is expected by Apr. 30. The properties being acquired produce 30 MMcfd of gas equivalent and have proved reserves of more than 266 bcf of gas equivalent of which 85% is proved developed.
The transaction involves 1,350 operated wells as well as low-risk drilling potential.
Linn Energy said it plans to combine the Antrim shale properties with its existing assets in the Granite Wash and the Permian basin.